8.9A-301 - A-301. Law governing perfection and priority of security interests.
§ 8.9A-301. Law governing perfection and priority of security interests.
Except as otherwise provided in §§ 8.9A-303 through 8.9A-306, the followingrules determine the law governing perfection, the effect of perfection ornonperfection, and the priority of a security interest in collateral:
(1) Except as otherwise provided in this section, while a debtor is locatedin a jurisdiction, the local law of that jurisdiction governs perfection, theeffect of perfection or nonperfection, and the priority of a securityinterest in collateral.
(2) While collateral is located in a jurisdiction, the local law of thatjurisdiction governs perfection, the effect of perfection or nonperfection,and the priority of a possessory security interest in that collateral.
(3) Except as otherwise provided in paragraph (4), while tangible negotiabledocuments, goods, instruments, money, or tangible chattel paper are locatedin a jurisdiction, the local law of that jurisdiction governs:
(A) perfection of a security interest in the goods by filing a fixture filing;
(B) perfection of a security interest in timber to be cut; and
(C) the effect of perfection or nonperfection and the priority of anonpossessory security interest in the collateral.
(4) The local law of the jurisdiction in which the wellhead or minehead islocated governs perfection, the effect of perfection or nonperfection, andthe priority of a security interest in as-extracted collateral.
(Code 1950, § 55-9; 1964, c. 219, § 8.9-103; 1973, c. 509; 1984, c. 613;1996, c. 216; 1997, c. 343; 2000, c. 1007; 2004, c. 200.)